Early lessons in prudence

WHEN he was in Primary One, Ng Bing Xian would often "squander" his daily allowance of US$1 to US$2 from his parents on toys, to his mother's exasperation.

"Since then, she has been very strict with me on money matters," the Singapore Management University (SMU) student says. For two decades, his mother has been keeping the purse strings tight - not once has she given him more money than what he needs to afford a meal in school.

That meant Mr Ng barely had a budget for eating out with his friends, even at fast food restaurants, or for buying the latest gadgets; if he wanted something, he had to finance it himself. He bought his first mobile phone when he was 15 with the S$4.50 hourly pay he earned at KFC in his first part-time job.